Pakistan’s Trade and Investment Counsellor in China briefed the Chinese students in Qingdao University about Pakistan’s economic situation, Gwadar Pro reported on Monday. To promote economic and cultural exchanges between China and Pakistan and to enliven the academic atmosphere, Qingdao University has invited the Pakistan’s Trade and Investment Counsellor to deliver an online lecture. About 100 faculty and students attended the lecture. On the occasion, the counsellor detailed Pakistan’s economic environment, trade and investment policies, energy and sustainable development, and Pak-China economic collaboration. Given its resilient and young population, economic endowment, strategic location and cultural diversity, Pakistan offers immense potential and opportunities.

Despite the potential, unrest in the region has put adverse impact on regional peace and security. Over the years, Pakistan’s economy has struggled to maintain a sustainable path, following a cycle of frequent booms and busts, with trade deficit being the primary reason. The counsellor highlighted that during the initial years, between FY2015-2018, its GDP growth increased from 4.1% to 5.5% due to better law and order situation, improvement in energy supply and foreign investment, especially under the landmark project China-Pakistan Economic Corridor (CPEC). The counsellor underscored that CPEC had led to unprecedented foreign investment aimed at building infrastructure and spurring industrial growth. 

The construction of CPEC has helped alleviate and improve Pakistan’s debt problems, improve local energy structure, alleviate power shortage woes, improve infrastructure construction, and promote rapid economic development. According to the counsellor, development is Pakistan’s most active area of engagement and Pakistan strongly defends the embedded rights of developing countries to avail special and differential treatment. On specific issues, Pakistan is active in areas of agriculture, e-commerce, technology transfer, raw materials and renewable energy, where Pakistan and China have huge potential for collaboration.

Credit: Independent News Pakistan-INP